Toowong Insights | July 2018
Toowong continues to be a tightly held suburb in Brisbane’s inner-west, with only 23 recorded house sales so far this year. The majority of those sales fall within the low to mid ($650k – $1.2M) price range, with untouched homes proving to be the highest in demand.
Houses throughout Toowong can be broken down into three main categories – untouched homes which may have had some minor aesthetic work done over the years, full renovations which blend Queensland character with modern improvements, and contemporary residences which bring together architectural design with an exclusive lifestyle.
Untouched homes in Toowong offer an entry point for young families who have been priced out of the market but still desire an inner-city locale. The median sale price for an untouched home sale this year is just shy of $740,000. The average days on market for these properties is currently 20 days, however the home still needs to be appropriately priced. Those for sale just 3-4% above market value can remain on the market for up to 6 months.
Renovated properties are also recording reasonably low days on market, averaging 45 days so far this year. These modern homes tend to attract growing families who know the area well and are looking to stay within esteemed school catchments. The median sale price for a renovated home sale this year currently sits around $1.034M.
The top end of the market has only recorded a handful of sales in 2018, with the median sale price sitting at $1.775M, and the average days on market stretching to 107 days.
Toowong’s appeal has also caught the attention of developers, with the new apartment towers ‘Illumina’ and ‘Augustus Residences’ both having been completed in early 2018. The $79M redevelopment of 611 Coronation Drive will also offer student accommodation for 700 university goers and is due for completion in December 2018.
While the development of the area brings with it more opportunity, higher sale prices and improved infrastructure, it also puts pressure on heritage sites as land becomes less and less available. The iconic Goldicott and Music Room in Toowong is currently under threat, with a proposal in place to redevelop the site into an aged care facility.
As the tightening of home sales throughout Toowong leaves fewer properties available to purchase, home owners in the area can be confident their asset will always be highly sought after.
Interested to find out more about the Toowong property market?
Our end of financial year Local Market Report has just been released and highlights some of the core trends we are seeing throughout the Toowong, Taringa, Indooroopilly and St Lucia property markets.
Request your copy today and make a confident decision when it comes to your property.